Without a successor having the basic knowledge, connections, and most of all, working relationships embodied in the present CEO it will take months to get up to speed on the most mundane of matters, let alone the complexities of the overall successful operation of a dynamic and multifaceted operation such as is the case with Noront Resources.
Lack of Corporate History (corporate Mamory) and failure to comprehend the Corporate Story is the single most DISTRUCTIVE factor to a companies net worth. Even a MBA with a Pass Grade knows that.
They also know that for this type of Operation, it will take more than a year to learn the inner workings of the Company and ALL it's Legal Obligations and Contractual Agreements, etc..
Then they will have to EARN the trust of their JV Partners. Other than showing true professional expertise (something the rosseau slate clearly shows to be completely LACKING), they will have to show the ability to come up to working speed very fast. That means in terms of understanding and developing the Geological Conceptual Model and the ability to then put it to proper and successful effect. Something even Durham, if he can be honest with himself about, would readily acknowledge is a very big challenge and could be a very laborious hit and miss lengthy process. He should know this as he is capable of looking where others have already found the goods hoping they did not stake the entire Find. Thus he can go only where the Experts have already been and hope to COPY their success. A kind of BLIND SEARCH on his part, but knowing he moved as close to the real thing as is legally possible. That is his history.
Anderson. Well, from my experience, he can take orders. But he is not a leader. A very good follower. And apparently very proud of that.
So, unless there guys are planning to FLIP everything Noront Resources, and fast, they will put the Operations behind 12 - 24 months, and then will need to count on luck in their attempts to move forward.
And I suggest that EVERYONE in the industry knows this FULL WELL and most acustom to Investing in this Industry are no less WELL AWARE of this very same thing.
Should they succeed and go for the QUICK FLIP;
Why would anyone be so interested in jumping in to scoop them up at ANYTHING RESEMBLING Reasonable Value?
Why not give them six months to prove themselves and six more to see how well they are capable at attempting an execution? If they secceed, nothing lost to the would be Major buyer. If they meet the usual ODDS, and screw up, then the Major would have to go for the Fire Sale Price. Anything less would be cheating their own Share Holders.
I trust Sprott, McEwen and company as well as ALL of Bay Street are ALL TOO WELL AWARE of these matters. Are these so called WISE Experiienced Investor types willing to SUDDENLY becone Crap Shooting GAMBLERS?
What will that tell their Fund Clients?
Why NOT stick with the TRIED, TRUE, EXPERIENCED, SUCCESSFUL current WELL ESTABLISHED PROVEN (many times over) Management Group?
Old Joe
